Q: We live in the city. The unit attached to us had a large fire. The fire also damaged our house. We have been living in temporary housing for the past 17 months waiting for our house to be rebuilt. We are fully insured through our insurance company. We recently heard that our neighbor’s bank has foreclosed on the building that caused the fire. Can we put a lien on that house for our overseas spending after reaching the limit?
A: First, we are very sorry this happened to you. It’s one of those curveballs life throws at times that can make your life very scary. The silver lining, of course, is that there seem to be no ongoing health problems related to the fire.
We assume that you and your neighbor own your townhouse outright and that you are not part of a homeowner’s association. So, you carry your home and neighbor’s insurance that covers damage or loss of the property. In some home owners associations, the association carries insurance that covers damage or loss to the home and only the owners need insurance for the contents of the home. house (and its contents).
The main reason to buy homeowners insurance is to protect yourself from catastrophic events, which is why this fire happened. You have been away from home for 17 months and your insurance has paid your expenses for living outside your home after an injury for up to 12 months. Now that the 12 months are up, any additional housing costs you spend are on your dime.
If you have enough insurance coverage, your coverage should cover rebuilding, repairing and renovating your home. We suspect that your insurance company is doing this, because you have not mentioned any problems with the amount of money your insurance company is providing for the repair. It looks like the only problem you have is how long it takes to recover after a fire.
As for your neighbor, you may have a claim against them for the fire that started in their home. Did your neighbor carry enough homeowner’s insurance? Probably not, since it looks like they’ve decided to go ahead and let their loan go to waste.
If your neighbor doesn’t have insurance, or carries a large policy, getting money from your neighbor or their insurance can be a big deal. Your neighbor may have insurance, but not enough to pay for his yard repairs. They may also carry an insurance policy that can cover not only the restoration of your property but also your financial losses due to the fire.
Your insurance company may have already considered this and filed a claim against your neighbor’s insurance to cover the cost of repairs and out-of-pocket expenses for your home in the city.
That doesn’t mean it isn’t worth exploring. Talk to an experienced insurance claims attorney about your options and whether it’s worth doing an initial inspection to make sure you have a good chance of getting something from the neighbor or the their insurance.
Why do we say this? Let’s say your neighbor’s liability limits are on their insurance policy $300,000, and the insurance company paid most of that to the neighbor and their creditor (since there was a mortgage on the property). We doubt you’ll make any money if you chase the border at that point.
But if the border is a million dollars the limit of their policies, but only use $300,000You have the right to recover and recover your attorney’s fees.
Ilyce Glink the CEO of Best Money Moves and Samuel J. Tamkin a real estate attorney. Contact them through the website ThinkGlink.com.
Note: An attorney with experience in insurance claims may be able to help after a fire. Time of dreams
